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Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JUSTUS SAKTI RAYA |
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Formerly Known As : |
P.T. JUSTUS SAKTI RAYA CORPORATION |
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Registered Office : |
Wisma Justus Jl. Danau Sunter Utara Block 03 No. 27-28 Sunter, Jakarta 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.07.1977 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14568 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Unsaturated Polyester Resin, Driers/Metallic Soaps and Polymer Emulsion |
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No. of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T. JUSTUS SAKTI
RAYA
Head Office
Wisma Justus
Jl. Danau Sunter Utara Block 03 No. 27-28
Sunter, Jakarta
14350
Indonesia
Phones -
(62-21) 6515188, 65306066, 65304880
Fax. - (62-21) 65305066
Email - sales_jkr@justus.co.id
Website - http://www.justus.co.id
Land Area - 2,000 sq.
meters
Building Space - 1,200 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Cakung
Cilincing Raya No. 99
Jakarta 14130
Indonesia
Phones -
(62-21) 4401616, 4400360
Fax. - (62-21) 4404108
Land Area - 3.2 hectares
Building Space - 9,800 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 28 July 1977 as P.T. JUSTUS SAKTI RAYA CORPORATION
b. 17 February 1998 as P.T. JUSTUS SAKTI RAYA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of Law and
Human Rights
a. No. AHU-14292.AH.01.02 Tahun 2008
Dated 24 March 2008
b. No. AHU-AH.01.10-14568
Dated 14 June 2010
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
a. The Department
of Finance
No. 01.363.342.5-042.000
b. The Department
of Industry
No. 188/M/SK/7/1987
Dated 14 July 1987
c. The Capital
Investment Coordinating Board
- No. 750/I/PMDN/1988
Dated 22 November 1988
- No. 440/II/PMDN/1990
Dated 26 October 1990
- No. 81/II/PMDN/1994
Dated 10 March 1994
Holding Company :
P.T. JUSTUS KIMIA RAYA (Investment Holding and General Trading)
Capital Structure :
Authorized Capital
- Rp.
26,000,000,000.-
Issued Capital - Rp.
26,000,000,000.-
Paid up Capital - Rp.
26,000,000,000.-
Shareholders/Owners :
a. P.T. JUSTUS KIMIA RAYA - Rp. 25,480,000,000.- (98%)
Address : Jl. Hayam Wuruk No. 111-A
Jakarta Pusat
Indonesia
b. Mr. Tjandra
Martaniardjo - Rp. 520,000,000.- (
2%)
Address : Jl. Danau
Sunter Selatan Blok E-8 No. 18
Jakarta Utara
Indonesia
Lines of Business
:
Unsaturated Polyester Resin, Driers/Metallic
Soaps and Polymer Emulsion Manufacturing
Production
Capacity :
Initial
Units
a. Unsaturated Polyester Resins -
18,000 tons p.a.
b. Driers/Metallic Soaps - 1,000 tons p.a.
c. Polymer Emulsions - 9,900 tons p.a.
Expansion
Units (2004)
a. Unsaturated Polyester Resins -
12,000 tons p.a.
b. Maleic Anhydride -
12,000 tons p.a.
c. Fumaric Acids - 2,000 tons p.a.
Total Investment :
Initial Units
a. Owned Capital - Rp.
11.0 billion
b. Loan Capital - Rp.
15.4 billion
c. Total Investment - Rp.
26.4 billion
Expansion Units
(2004)
a. Owned Capital - Rp.
20.0 billion
b. Loan Capital - Rp.
44.1 billion
c. Total Investment - Rp.
64.1 billion
Started Operation :
1977
Brand Name :
YUKALAC, YUKASHU
and YUKALIC
Technical Assistance :
SHOWA HIGHPOLYMER CO. LTD., of JAPAN
Number of Employee :
550 persons
Marketing Area :
Domestic
(Local) - 80%
Export - 20%
Main Customers :
a. Overseas buyer in Singapore, Thailand, Malaysia and Australia.
b. P.T. JUSTUS KIMIA RAYA as sole distribution in the country.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRATACO
CHEMIKA
b. P.T. KIMIA SARI JAYA SENTOSA
c. P.T. INDO KEMIKA JAYATAMA
d. P.T. PETRONA INTI CHEMINDO
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Pecenongan No. 86
Jakarta
Pusat
Indonesia
b. P.T. Bank OUB
BUANA Tbk
Jalan Asemka No. 32-34
Jakarta Barat
Indonesia
c. P.T. Bank
NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 360.0
billion
2010 – Rp. 388.0
billion
2011 – Rp. 410.0
billion
2012 – Rp. 436.0
billion
Net Profit
(estimated) :
2009 – Rp. 21.3
billion
2010 – Rp. 23.0
billion
2011 – Rp. 24.4
billion
2012 – Rp. 26.0
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director -
Mr. Tjandra Martaniardjo AKA Tan Kok Lian
Directors - a. Mr. Armand
Martaniardjo
b. Mr. Ruswandi
c. Mrs. Shirley Martaniardjo
Board of
Commissioner :
President
Commissioner - Mr. Marcus Sutiono
Commissioners - a. Mr. Ir. Achmad Agus Efendi
b. Mrs. Jenny Suryahusada
Signatories
:
President
Director (Mr. Tjandra Martaniardjo) or one of the Directors (Mr. Armand
Martaniardjo, Mr. Ruswandi or Mrs. Shirley Martaniardjo) which must be approved
by the Board of Commissioners.
Management
Capability :
Good
Business Morality
:
Good
Initially named P.T. JUSTUS SAKTI RAYA
CORPORATION was established in July 1977 with an authorized capital of Rp 10,000,000.-
of which Rp 2,500,000.- was issued and paid up. The company was founded
by Mr. Tjandra Martaniardjo AKA (also known as) Tan Kok Lian and Mr.
Handi Widodo both Indonesian businessmen
of Chinese extraction
as the original
shareholders. The company's
notarial act was since revised a couple of times. On February 1998 the name of the company was
changed to P.T. JUSTUS SAKTI RAYA (P.T. JSR) and at the same occasion the authorized capital was increased to Rp
26,000,000,000.- with the
issued and paid up
capital amounting to Rp 8,000,000,000.-. The company's
shareholder is now P.T. JUSTUS KIMIARAYA
and Mr. Tjandra Martanihardjo. In
January 2008 whole authorized capital as issued and paid up. Concurrently, the shareholders of the
company are P.T. JUSTUS KIMIA RAYA (98%) and Mr. Tjandra Martaniardjo (2%).
Later according to the latest revision of
notary documents of Mr. Pranata Nusantara, SH., No. 25 dated 18 May 2010 the
company board of director and the board of commissioner had been changed. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-15668.AH.01.02.Tahun 2010 dated June 14, 2010. We observed
that P.T. JUSTUS KIMIA RAYA
(majority owner of the Company), is a domestic investment company of
which all the shares are controlled by Mr. Tjandra Martaniardjo and
members of his family.
P.T. JSR has been in operation since 1977,
at first as a trader and distributor of unsaturated polyester resin imported
from Japan, Germany and other countries. Later in 1983, the company stepped up
activity into unsaturated polyester resin processing with its plant located at
Jalan Cakung- Cilincing, North Jakarta, where it stands on a 3.2 hectare
landsite. The plant in 1988 was expanded and underwent machinery restructuring
under Domestic Investment (PMDN) facilities. Then, in 1990 the plant was again
expanded to step up its production capacity and for the production of polymer
emulsion. In March 1994, the company was
granted an expansion license to rise its unsaturated polyester resin by 12,000
tons and produce maleic anhydride by 12,000 tons and fumaric acids by 2,000
tons per annum respectively and the expansion plant has been in operation since
1998.
Unsaturated polyester resin produced by P.T.
JSR uses the YUKALAC brand and its polymer emulsion the YUKASHU brand and its
drier/metallic soap the YUKALIC brand. These three products are manufactured
under the license of, and with technology from, SHOWA HIGHPOLYMER CO. LTD. of
Japan. The drier/metallic soap and fumaric acid also produced by the company
uses the YUKALIC brand and is manufactured with the license and technology of
LONZA Spa.(Italy). Around 80% of its products is marketed domestically through
its holding company P.T. JUSTUS KIMIA RAYA while the rest 20% is exported to
Thailand, Singapore, Malaysia and
Australia. We observed that P.T. JSR is classified as a medium sized company of
its kind in Indonesia and its business operation has been growing in the last
five years.
We note that the demand for industrial
chemicals and specialty chemicals has kept on rising by 8% to 10% per year in
the last five years in line with the growth and development of pharmaceutical
industries, soap and detergent industries, cosmetic industries, food &
drink industries, fiber glass industries, bakery industries, perfume and
essence industries and dairy product industries in the country. Since mid-2008, the demand growth for
industrial and specialty chemicals has kept on dwindling as an impact of global
economic crisis as told above. But since
early-2009 the demand rose again in line with amelioration of economic
condition in the country. Competition is
very tight on account of a large number of similar companies operating in the
country and many imported products are being offered for sales as well. The business position of P.T. JSR is good for
the company has established regular customers and wide marketing networks in
the major cities in the country.
Until this time P.T. JSR has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. P.T. JSR’s management adopts very reclusive attitude
towards outsiders and rejected to unveil its financial condition, but we
estimated that P.T. JSR’s operation has in 2010 registered a total sales
turnover of Rp 388.0 billion, increased to
Rp 410.0 billion in 2011 to Rp 436.0 billion in 2012 and projected it will continue on rising by
about 8% in 2013. P.T. JSR’s operation
has in 2012 yielded a total net profit of about Rp 26.0 billion with a total
networth of about Rp 220.0 billion. We
observe that P.T. JSR is supported by financially fairly strong behind it. So far, we did not hear that the company
having been black listed by the Central Bank (Bank Indonesia).
P.T. JSR's management is headed by Mr. Tjandra Martaniardjo AKA Tan Kok Lian
(65) as president director, who already has about 37 years of experience in
industrial chemicals trading. In daily activities, he is assisted by his son and
daughter namely Mr. Armand Martaniardjo (33), Mrs. Shirley Martaniardjo (36)
and Mr. Ruswandi (40), as director respectively. The management is further
handled by experienced professional managers with know-how in industrial
chemical processing and trading. They have wide relations in domestic and
overseas private business circles. So
far, we did not hear that the management of the company being filed to the
district court for detrimental cases or involved in any business malpractices.
The company’s litigation record is clean and it has not registered with the
black list of Bank of Indonesia. We
believed that P.T. JSR is fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
UK Pound |
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.77.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.